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Nigeria’s AGPC raises $260 mn for gas processing plant project

The construction cost for the project is expected to be around $650 million, including taxes and finance cost

Nigeria’s oil and gas company AGPC has raised funds worth $260 million for its 300 MMscfd capacity ANOH plant project. AAGPC is jointly owned by the Nigerian Gas Company (NGC) and petroleum company Seplat. It is reported that Seplat had previously provided funds worth $ 420 million in equity funding for the development.

The AGPC’S new project is now ready to embark with fresh funding.  The fresh funding has been provided by these entities: FirstRand Bank, Zenith Bank, United Bank for Africa, Stanbic IBTC Bank, The Mauritius Commercial Bank, Union Bank of Nigeria and FCMB Capital Markets.

It is reported that the construction cost for the project is expected to be around $ 650 million, including taxes and finance cost. The current costing is lesser than the earlier estimation of $ 700 million.

Roger Brown, CEO of Seplat, told the media, “Completing the funding of ANOH is an important milestone for AGPC. The ANOH development is one of the government’s Seven Critical Gas Development Projects and our involvement provides a clear path towards strengthening Seplat’s position as Nigeria’s leading indigenous diversified energy producer. It will help us drive, alongside our government partners, Nigeria’s transition to cleaner, less expensive power generation. We are extremely proud to partner with the Nigerian Gas Company in this strategically important project, which will create jobs and prosperity in the Nigerian economy. Seplat will continue to diversify its business and invest in gas to help Nigeria develop its own natural resources, which in turn will drive more sustainable social and economic growth for a young, rapidly growing population.”

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